The Joint Committee on Taxation (JCT) recently released a report entitled “Overview of the Tax Gap.” The tax gap is the difference between taxes paid and taxes owed, and this gap can exist for a few reasons. Taxpayers may report less than their full tax liability on their return (underreporting), pay less taxes than owed
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The CCH outage; dark influencers; prep and the military life; and other highlights from our favorite tax bloggers. Return madness Taxable Talk (http://www.taxabletalk.com/): Good question for our times: Can a tax preparer leak a candidate’s returns? Mauled Again (http://mauledagain.blogspot.com/): A writer to this blog “purports to claim he has no interest in Trump’s tax returns,”
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Mark Cuban, billionaire investor and owner of the NBA’s Dallas Mavericks, told CNBC on Tuesday that Uber’s disappointing initial public offering last week was “not a surprise” because the ride-hailing company waited too long to go public, losing the momentum early companies typically have. “It’s not a growth company,” Cuban said in a phone interview
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Pass-through businesses—businesses like sole proprietorships, S corporations, and partnerships that “pass” their income “through” to their owner’s income tax returns and pay the ordinary individual income tax—make up a majority of U.S. businesses. Marginal tax rates vary for pass-throughs depending upon the state in which they operate because of differences in how states tax individual
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For the majority of tax filers, tax season is over. April 15 marked the last day to submit your return – unless you filed an extension. So, how’d the season go? Below is an industry-wide recap plus a little tax filing myth-busting insight. The IRS reported the total number of 2018 returns filed so far
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China retaliates by raising tariffs on $60 billion in US goods effective June 1. The Foreign Ministry spokesperson said “China will never succumb to foreign pressure,” namely President Trump’s latest 25 percent tariffs on $200 billion in Chinese goods. After National Economic Council Director Larry Kudlow acknowledged that both China and the US will “pay”
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President Donald Trump’s lawyer pressed a federal judge in Washington to nix efforts by a Democrat-led congressional committee to obtain tax records from the president’s longtime accounting firm, calling the document request invalid. “They’ve made clear this is not about legislation,” William Consovoy told U.S. District Judge Amit Mehta Tuesday. Even legislative reasons offered by
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The Social Security Office in Alhambra, California. Mario Anzuoni | Reuters As Washington and Beijing face off on tariffs, there could be one unseen group affected: retirees. The Senior Citizens League, a nonpartisan group advocating for seniors, on Tuesday released its latest report on the buying power of Social Security benefits. The group also projected
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The Internal Revenue Service didn’t comply with congressional directives before closing Taxpayer Assistance Centers last year, according to a new government report. Timothy Fadek/Bloomberg The report, from the Treasury Inspector General for Tax Administration, found the IRS closed 12 of the TACs in 2018, including four that were closed subsequent to the March 23, 2018,
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Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during the company’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) on Friday, May 10, 2019. Photographer: Michael Nagle/Bloomberg © 2019 Bloomberg Finance LP After arguing for years that its drivers were not employees, the ride-share company Uber announced
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